The government has been talking BIG regarding a five year drive to create new economic growth in the UK through a renewed spirit of entrepreneurialism and hi-tech innovation. It was a BIG launch in more than one way. BIG actually stands for British Innovation Gateway, and sits neatly alongside plans for an East London Tech City. It’s all part of a London-based tech revolution.

On announcing the British Innovation Gateway, Prime Minister David Cameron revealed a funding commitment of £314m from tech giant Cisco. The details are still a little vague, but here’s what we do know…

The government is clearly keen to ensure the 2012 Olympics has an enduring legacy, and one of these is to transform East London into a centre of technological excellence and innovation. East London Tech City, announced in November last year, is to build on the existing cluster of tech companies in the area with tech giants such as Google and Intel moving in and opening up new facilities. The Innovation Gateway look set to build further on this with Cisco opening up two innovation centres: one in Shoreditch and one in the 2012 Olympic Park.

Cisco will also be running annual competitions to encourage innovation in small businesses and generally offering their help and advice to entrepreneurs.

Certainly, this all sounds rather ambitious, and hopefully will lead to many opportunities for tech-based freelancers (work-wise and in terms of useful facilities – perhaps more co-working spaces?). We still need more details of course to justifiably sing its praises, but surely it can only be a good thing?

David Cameron certainly seemed pleased:

“I welcome this major statement of support from Cisco. This will help create many new jobs and opportunities, and support our drive to diversify our economy and generate sustainable economic growth.

“We want to bring together the energy and innovation of Shoreditch and the incredible potential of the Olympic Park to help make East London one of the world’s great technology centres.

“Cisco’s goal is a fantastic example of how business is turning this vision into reality, with East London set to become a leading Tech City.”